The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1887-05-19
what We Can Do.
Under the above caption, the Roanoke
Leader edited by Gel. W. C. Elan, has the
follouinO statement.

Leader. edited by Gel. w. c. Elan, has the
statement;
The official statements propounded now rs a Z
pas Il for "a final settlement OF the debt are Just
AZ false and fiimsy us those which from 1870 to
1880 were offered as a broad and solid basis for
me Funding Bill Fraud and the Brokers' Bill T
Swjndle Our whole fiscal system is deranged
and demoralized. and has been growing SO ever
since the first adverse decision of the United
states Supreme Court in the coupon cases ex-
Dendtures have been imprOvldently yet syste-
matically Increased on every score, while the
directly indirectly. actually and
have largely decreased our income;
and the official statements themselves include
outlays and temporary deficits
Of revenue that have no just place in an honest
exhibit of our resources ana necessary eX-
penseS
The man who cannot see that we can pay at
least per cent. S2l 0C0 ,0O0 and still maintain
our school taxes and usual appropriations for
and charitable purposes, while
meeting all ordinary expenses OF government,
must be very blind, or very easily hoodwinked.
II in 1883 it was agreed, by common consent.
that we could pay per cent, or S6So,OO year
on S2I 900 600, it is evident that we can now pay
per cent, SSl0 900 annually on 81 900 000for
stroke. in 1885 S56 0OO, 900 was added to our as
sessed taxable values, thereby adding S22i030 to .
our annual public revenues. the AUDITORS re- I
mort for 1856 does not show increased receipts |
from the increased assessments for the reason |
that the bdlk of receipts for that year were of |
the taxes OF 1885 based on the old and unincreas-
ed assessments but, taking the Auditors last |
report and we find that, excluding all school |
dues and all incidental or casual income, and
also excluding all extraordinary expenditures, |
our account of net annual revenue and of nee |
essary and annual governmental expenses for
1856 Is as follows:
Receipts, including coupons and ex-
Guiding sample merchants tax ...... ~, l49. 600
Governmental expenses ................. ,96S
sl,os9,os2
Interest on Sol 100000, including Lite
rary Fund. ut per cent............... ssl0,000
o,,,,,rs 600 400
These figures can be easily establis he'd as sub
stantally accurate and it can also be shown
beyond question that by funding the accrued
and outstanding tax receivable coupons at So
and 60 respectively (as their principal bonds are
fundable), and retiring The kddleberger bonds
held by the Sinking Fund. the isiddleberger
debt outstanding will not exceed, If IT reach,
the aggregate OF S2l .00O.O0O.
No man in Virginia is better acquainted
with the State debt question or more ca
pable of intelligently and fairly discussing
it than Col. Elan. For that reason the
statement above is entitled to serious con-
there has never been a question as to the
fact that the original bonds of the State
bore six per cent interest. The 8 per cent.
provision Of the Riddleberger bill was re-
pudiation to the extent of per cent. The
condition of the people was pleaded as All
excuse in palliation of this. But it was
reputation nevertheless, and could not be
defended except from the premise of abso-
| lutte inability to pay. Had the rate OF
taxation been kept at SO cents on the 500.
instead of being reduced to 40 cents, by a
Democratic movement for partiZan pur-
poses, and just and uniform assessment
of real and personal property been de-
manded by the officers of the State, it
would now be in the power of the treasury
| to pay per cent. on the principal OF the
debt as presented in the Riddle berger for
mutation. That is what ought to have been
determined on at the time the bill was
framed. That statement, then. would have
been unassailable every dol
lar the State was bound fer either of prin.
cipal or interest, and we could have gone
before the whole world as jury without
fear of adverse judgment.
But take the Leader S statement. If the
State would agree to a fifty year bond, based
on 800, OOO, 600 of debt, at A per cent, il
would be tie same as a fifty year bond. on
$50 900 600 at 3 per cent. The difference
in the interest would make up the differ
ence in the principal, and when the bonds
become due we would not have paid more
in the one case than the other 1t would
be simply difference in the form OF stat
ing the case, and not in the substance. II
| 1. 1Jo,n ont HI ff
speak for the holders of the consols ani
ten forties-the portion of the debt thai
the State cannot control at will, it ought
to be amatter of Indifference whether they
would place the whole debt at $50 1000 -0Ot
at per cent. or $40 900, 900 at45 per cent.
The A cent would be l J per cent less thar
. we honestly and unquestionably owe on al
acknowledged principal of $4,000, 900.
1t is the duty of the Legislature to loof
at this whole subject as honest mems ,rlv
ing to do justice to the creditors and re-
e.~---.,-~---~-,,av unr oJaIe. 1t is press
ing Cuty to come to some satisfactory
terms with the creditors. The future o.
the Commonwealth is involved in it. Will
the debt question settled-the contention
and strife and irritation growing out O.
, it's discussion forever dismissed, capita
would flow into our borders-our une
qualled mineral resources be deyeloped-in
, dustries established, and within ten year,
our taxable resources would be doubled
| We could then not only pay the interes
, and meet all the current demands upon thu
treasury, by the observance of economy il
appropriations, but in twenty years coult
retire the entire debt,
: We want 10 see brave, determinedpur
/ pose manifested by the people tosettle ant
? forever dispose of this yexed question:
: It's continued agitation is one Of the fruit
, full sources Of the stagnation which rest
: upon the enterprise of Virginia. 1t ha
r been, is now, and will in the future be
the football of demagogues and place-hun
7 tiers, unless those who pay the taxes ant
constitute the government, come to TIL
+ front and demand that it be adjusted upol
basis satisfactory to the creditors ant
5 within the capacity of the State to pay
Both of these conditions can be ATTAINED
|
? in the article from the Leader. With /
+ settlement effected, would speedily follow
! the retirement Of the pestiferous agitator
, and time-seryers who aspire to position up
r 1.-THE misfortunes of the people. Their oc
cupation would tLen be gone. Better mel
would be invited to take the lead in State
} affairs. We would have cleaner politics
wiser legislation and kindlier feeling be
tween those opposed to each other in es
7 sential matters of State administration
J and common ain bitiOn to look to the true
: interests of The Commonwealth, and en-
deavor to encompass them 10 the laws ant
the policies that would be adopted. We
are losing every year, by agitation, more
than any differences that might exist be
tween our iron clad adherence to the Rid
dIeberger statement, and what the credi-
tors would propose and accept. We i'll
6iaputahly owe Gper cent. interest on the
acknowledged debt of $40 900 o00, and any
rate less than that agreed to by the credi
ors would be SO much clear gain. With
an honest effort to come TO an understand.
ing. it would be reached, and the State
emancipated from the ruinous rule OF
mercenary politicians who care for moth